ECON Final Review
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
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25 questions
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1.
FLASHCARD QUESTION
Front
Scarcity results from ___________.
Back
limited resources and unlimited wants
2.
FLASHCARD QUESTION
Front
An example of a good would be _________ .
Back
a bottle of soda
3.
FLASHCARD QUESTION
Front
An example of a service would be ____________ .
Back
a manicure
4.
FLASHCARD QUESTION
Front
What does an entrepreneur do in a market economy?
Back
They create new business, which in turn creates new products and jobs.
5.
FLASHCARD QUESTION
Front
The two branches of economics are ____________ .
Back
microeconomics and macroeconomics
6.
FLASHCARD QUESTION
Front
What are the three basic economic questions?
Back
what, how and whom to produce for
7.
FLASHCARD QUESTION
Front
What determines the answers to the economic questions under a traditional economy?
Back
cultural customs
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